Pursuant to the Company’s Bylaws, at least 25% of the adjusted net income of the fiscal year must be allocated for the payment of dividends. The Company may also distribute quarterly dividends as long as the dividends paid do not exceed its capital reserve.

The dividends payable to the shareholders, as well as other amounts payable, will be paid as resolved by the shareholders’ meeting, between the end of the fiscal year and the date set for the effective payment.

The Company may declare interim dividends to be deducted from the accumulated profit reserve or from income allocated to the existing profit reserves in the last annual or semi-annual balance sheet approved by the shareholders. In addition, the Company may declare dividends based on net income recorded in the last semi-annual balance sheet or any balance sheet related to a shorter period, as long as the dividends paid in each half-year of the fiscal year do not exceed the Company’s capital reserve. The distributions of interim dividends may be deducted from the mandatory dividends related to net income at the end of the fiscal year in which the interim dividends were distributed.


Fiscal Year Approval Date Event Amount Declared (R$ MM) Related Files
2004 04/29/2005 GSM 1,4 Notice to Shareholders*
2005 04/18/2006 GSM 13,4 Minutes of the GSM
2006 04/16/2007 ESM/GSM 11,9 Minutes of the GSM
2007 04/04/2008 GSM 13,4 Notice to the Market*
2008 04/07/2009 GSM 50 Minutes of the GSM
2009 04/28/2010 GSM 90 Notice to the Market
2010 04/25/2011 GSM 100 Notice to the Market
2011 04/11/2012 ESM/GSM 100 Notice to Shareholders*
2012 04/29/2013 GSM 55.4 Minutes of the GSM*
2013 04/30/2014 ESM/GSM 25.8 Notice to Shareholders
2013 12/05/2014 BDM 77.4 Notice to Shareholders
2014 04/30/2015 GSM 24.1** Minutes of the GSM*
2015 05/06/2016 GSM Non Payment*** Minutes of the GSM*
2016 04/16/2017 GSM Non Payment*** Minutes of the GSM*
2017 04/23/2018 GSM Non Payment*** Minutes of the GSM*
2018 04/30/2019 GSM Non Payment** Minutes of the GSM*

* Portuguese only.
** Payment suspention approved at the ESM of 12/29/2015. Partial capitalization of R$ 7.2 million through a capital increase approved at the BDM of 12/16/2016.
*** Allocation of net loss for the fiscal years to the retained net loss account.